This is extremely important, so please make sure to read and take it seriously!
Your mortgage pre-approval was based on your financial status at the time, including your savings, checking, and retirement accounts, as well as your existing debts (car payments, student loans, current mortgage, etc.). Any significant changes to your finances between now and closing could jeopardize your mortgage approval because the lender will pull your credit again the day before closing.
To avoid problems:
- Avoid Major Purchases: Don’t buy big-ticket items like a TV, car, or furniture.
- Maintain Your Credit Score: Avoid actions that could negatively affect your credit score.
- Pay Bills on Time: Continue to pay all your monthly bills on time.
- Don’t Open or Close Credit Cards: Avoid changes to your credit cards.
- Maintain Debt-to-Income Ratio: Don’t take on new debt that could alter your debt-to-income ratio.
- Skip Extravagant Vacations: Save big trips for after closing.
- Don’t Change Jobs: Changing jobs can disrupt the mortgage approval process, so try to maintain stable employment.
Even small changes can impact your credit score and debt-to-income ratio. If you’re unsure whether a purchase or financial decision will affect your mortgage approval, talk to your mortgage lender first.
Remember, hold off on any major spending or changes until after closing. Then, you can shop and make changes to your heart's content.
Questions? Call or text me .
